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Math Help - Is this sample size correct?

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    Is this sample size correct?

    A marketing executive wishes to estimate the average monthly sales of a particular brand of gold necklace in local shops. He decides that an estimate, correct with 3% of the population average with a probability of 0.9545(2 standard errors) shall be considered dependable. How big a sample of shops is needed? Assume that based on a previous enquiry, the coefficient of variation of monthly sales of that particular brand of gold necklace is 9%. \newline Answer: Here C.V.is 0.09 so \sigma= 0.09\overline{x} S.E._{\overline{x}}= (0.09\overline{x})/\sqrt{n} \hspace{45pt}sample size (n)= (2*(0.09\overline{x}/\sqrt{n})/0.03)^2So the sample size should be 6 times the monthly average sales of that particular brand of gold necklace.
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  2. #2
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    Re: Is this sample size correct?

    Hi,
    Is here any member of this MHF who comment on the correctness or otherwise of my answer?
    Thanks.
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